Sunday 22 January 2017

Daniel McConnell: Half-baked insolvency law lacks vital ingredients

In its present form, Alan Shatter's new legislation on debt could end up costing taxpayers, writes Daniel McConnell

Published 29/01/2012 | 05:00

'DEBT is the Irish crisis -- sovereign debt, banking debt and personal debt. We are dealing with the sovereign debt and the banking debt effectively. Now we are putting in place a legal basis to deal with the personal debt," Finance Minister Michael Noonan told reporters at the launch of the Government's new insolvency law last Wednesday.

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After four years of bailing out our greedy banks by way of a €440bn guarantee and recapitalisations of over €70bn and bailing out the rogue developers by way of Nama to the tune of another €31bn, the ordinary man and woman finally got their bailout last Wednesday.

For a long time there has been a broad consensus that something drastic had to be done to end the suffering of thousands of people who as a result of job losses, negative equity and failed businesses, can no longer meet their repayments. It is right that those people should be helped.

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